Danny Welbeck is avaialble on loan from Manchester United to anyone willing to pay £5m. Photograph: JMP/REX

So it begins. Deadline day is upon us; the storm before tomorrow’s comparative calm. The frenzied last-minute wheeler-dealing that has in the past turned up such success stories as Kostas Mitroglu to Fulham, Afonso Alves to Middlesbrough and Andy Carroll to Liverpool may be a source of stress in club boardrooms the length and breadth of the country, with otherwise obsolete fax machines humming into life for their biannual spew of registration forms, but for football supporters, reporters and agents it is just like Christmas.

Already giddy with excitement and in position outside training grounds and stadia the length and breadth of the UK, what deals can we expect to hear about from the army of Sky Sports News reporters between now and midnight, an hour after the transfer window has finished inching shut?

The Guardian has already reported that Monaco are eager to off-load Colombian striker Radamal Falcao and hope to spark a bidding war between Manchester City and Arsenal. The player is available for a reserve price of £55m – a sizeable fee that would elicit no end of grimacing from Stoke roll-up man. City won’t buy Falcao unless they can sell Alvaro Negredo, in whom Valencia have expressed an interest, while thewinger Scott Sinclair and defenders Micah Richards and Matija Nastasic are also being nudged towards the Manchester City exit door.

Elsewhere in Manchester, Danny Welbeck is available on loan from Old Trafford, but whoever borrows him will have to stump up £5m for the privilege. Everton and Tottenham Hotspur are both believed to be interested in acquiring his services, while his much-maligned team-mate Tom Cleverley looks to be on the verge of rejecting advances from Hull City and Valencia to join Paul Lambert and Roy Keane at Aston Villa for £8m. Javier Hernández’s hours as Manchester United bench-warmer also look to be numbered, with the Mexican striker rumoured to be on the way to Real Madrid for a season-long loan. Juventus and Valencia are also interested in securing his scrawl and whoever gets him will have to pay every penny of his £90,000-per-week wages.

QPR manager Harry Redknapp famously balked at being labelled a wheeler-dealer and seems highly unlikely to do any business today, apart from maybe bringing midfielder Sandro to Loftus Road from Tottenham Hotspur ... and winger Aaron Lennon to Loftus Road from Tottenham Hotspur ... and Jermain Defoe to Loftus Road from Toronto FC.

With Andros Townsend also likely to join the mass exodus personnel from White Hart Lane by joining Southampton for £14m, Jay Rodriguez could move the other way in order to help take the bare look off the Tottenham dressing room. Southampton manager Ronald Koeman is also interested in bringing the 20-year-old Norwich winger Nathan Redmond and Celtic’s Dutch defender Virgil van Dijk to St Mary’s.

At Arsenal, Costa Rica striker Joel Campbell wants to go on loan to Benfica, now it’s become apparent he’s behind non-goalscoring striker Yaya Sanogo in the Emirates pecking order, while his employer will try to prise striker Carlos Bacca from Sevilla and appear to have failed in their bid to sign up Paris-Saint-Germain midfielder Adrien Rabiot, who looks set to spurn them for Roma.

The Serie A side are also interested in taking Newcastle centre-back Mapou Yanga-Mbiwa to the Stadio Olimpico on loan with an option to buy him for £5m come season’s end. Alexandre Lacazette has represented France at every level from Under-16 to senior and could be on his way to Newcastle United from Lyon, although the French side are believed to have rejected an initial offer from the Tyneside club. Further south, Hull City are on the verge of wrapping up a £3.5m deal for midfielder Mohamed Diamé who is surplus to requirements at the Boleyn Ground now that Alex Song has been brought in on a season long loan from Barcelona.

Sunderland have brought in attacking Argentinian Ricky Alvarez on loan from Internazionale and hope to end their unspeakably tedious summer pursuit of Liverpool striker Fabio Borini before 11pm. Meanwhile in the Championship, strugglers Fulham hope to sign defender Mark Hudson from Cardiff City andstriker Matt Smith from Leeds.

And finally, that hopeful looking stocky bloke wearing big padded goalkeeping gloves while hanging around the Crystal Palace training ground this morning may well be Paddy Kenny, who is without a club.